Goldman Confident of a 3.4 Tcf Refill, But 'Upside Risks' Abound

摘要

Goldman Sachs' latest Natural Gas Weekly appears to provide a soothing view of a "finely balanced" market on its way to rebuilding storage to 3.4 trillion cubic feet by the end of October. But its litany of "upside risks" gives a more realistic picture of what's ahead. Having exited a "prolonged cold winter, which generated the largest seasonal draw on record, the market is turning to the question of what it will take to rebuild inventories to healthy levels for the next year and beyond," the analysts said. "We now believe that storage levels will likely reach 3.4 Tcf by end October 2014 — a historically tight level, which nevertheless requires a record summer build from now until end-October."